Tax query
This query is : Resolved
18 October 2016
My brother is running an online service center shop,he provides all kinds of online services. Has he is liable for paying tax what kind of taxes we should pay..?
18 October 2016
1 Service tax applicable in case total service provided in a year exceeds 10 lacs.
2 Income tax payable if the profit earned in financial year exceeds 2.50 lacs.
2 Income tax payable if the profit earned in financial year exceeds 2.50 lacs.
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18 October 2016
thank you sir...
28 October 2016
If Service is being provided then Service Tax is applicable on that service. Better to estimate if, the turnover exceeds 10 lakh in a year, then take a registration to Service Tax, but if u r already collecting Service Tax(through invoice generation) then better to take registration and pay tax to Govt. account. This is the story of indirect Tax. Income tax is also applicable, if the total income exceed Rs. 2.5 lakhs in a year(if he is providing service as individual).
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